ARC Ratings, S.A. accords a public, final AAA(sf) rating to the Series 2012-C Variable Funding Note by PFS Financing

LONDON, UNITED KINGDOM, December 23, 2020 / — ARC Ratings, S.A. (ARC) has accorded a final, long-term public rating of ‘AAA(sf)’ to the Series 2012-C Variable Funding Notes (‘VFNs’ or the ‘Notes’) issued by PFS Financing Corporation, with stable outlook.

The full press release can be accessed at

Note that ARC Ratings is not a legal, tax or financial adviser, and only provides a credit opinion of the rated securities. For example, a rating does not cover a potential change in laws nor can it be regarded as an audit. Moreover, ARC Ratings is not a party to the transaction documents. Users of our credit ratings should familiarise themselves with the transaction documents / mechanics and should form their own views in this respect. They should not rely on ARC Ratings for legal, tax or financial advice, and are encouraged to contact the relevant advisers.

ARC Ratings, S.A. is registered as a Credit Rating Agency (CRA) by the European Securities and Markets Authority (ESMA), within the scope of the REGULATION (EC) Nº 1060/2009 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL, of 16 September, and recognised as External Credit Assessment Institution (ECAI).

Ratings assigned by ARC Ratings represent opinions on the capacity and willingness of an entity to make all required payments on a given obligation in a timely manner.

The rating(s) assigned by ARC Ratings in this report was / were sought by the entity whose financial commitments are being rated.

ARC Ratings, S.A. historical default rates are published in the European Securities and Markets Authority Central Repository (CEREP) which can be accessed on the website ARC Ratings default rate is the probability of lack of full and timely payment of capital or interest or of the occurrence of any event that explicitly indicates that the future full and timely payment of those commitments will not occur (e.g., in case of insolvency).

Ratings do not constitute a recommendation to buy or sell, but only one of the factors to be weighted by investors.

ARC Ratings, S.A.
11 Hollingworth Court
Turkey Mill, Ashford Road
Maidstone, Kent ME14 5PP
+44 (0) 1622 397 350

Rhonda Moore
ARC Ratings
+44 1622 397 350
email us here

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